The impact of coronavirus on the commercial property market has the potential to be wide-ranging for landlords and tenants alike.
For tenants, being unable to pay rent and facing eviction could be the death-knell for their businesses, while landlords face losing rent while still having to meet the demands of their bank.
In response to these concerns, the Government has confirmed that commercial tenants that are unable to pay their rent due to disruption caused by the Coronavirus pandemic will not face eviction.
The Government is enforcing a three-month moratorium on evictions and debt enforcement for commercial leases in the emergency Coronavirus Bill, which will ensure that no business will be forced out of their premises if they miss a payment in the next three months.
Tenants will still be liable for the rent due in arrears after this period and the Government has said it is actively monitoring the impact on commercial landlords’ cash flow to ensure their operations are not put at risk.
Many commercial landlords and tenants are already in discussions about their rents, but it is important that they take proper legal advice before coming to an agreement.
Our expert commercial property lawyers are on-hand to advise you on the best course of action, whether you are a landlord or a tenant.
Contact us now for advice on your specific circumstances.
Meet the team
Hannah Storey joined Carter Lemon Camerons LLP as a Trainee Solicitor in March 2020.
Prior to joining Carter Lemon Camerons LLP, she gained an LLB in Law at the University of Exeter and an LPC/LLM at the University of Law, Guildford.
Following that, she spent a year working as a commercial property paralegal at a large regional firm.
Away from the office, Hannah enjoys keeping fit and exploring London’s food and drink scene with friends.
Seamus Smyth is head of litigation and arbitration. His practice is primarily commercial with an emphasis on arbitration, financial services and work for South African and Italian clients.
His reported cases include RH Green & Silley Weir v BR (limitation period against 3rd party), de Bry v Fitzgerald (security for costs), Hartt v Newspaper Publishing (libel concerning a work by Michelangelo), Pearson v Sanders Witherspoon (valuation of loss of chance), Siebe Gorman v Pneupac (status of consent orders), Senate Electrical v NTL (liability of an employee for acquisition warranties) and Bendell v Smith & Others (a successful recovery action by a lender on a shared appreciation mortgage equity release – the only such case to go to trial).
Recently involved in enforcement of foreign arbitration awards, claims arising from the banking upheavals since 2007, a successful claim against a high street bank resulting from a banking error and a successful claim against estate administrators and their solicitors for wasting the estate funds on irresponsible litigation.
Educated (BA, LLB, Wits) and first qualified as an attorney in South Africa, he requalified in England, took an LLM at UCL and a Diploma in International Arbitration at QM, and became an FCIArb. He is chairman of the British South African Law Association (for the second time), chairman of Michaelhouse UK Trust, a trustee of Global Leadership Foundation (UK), a former President of the London Solicitors Litigation Association and Trustee and President of Town Malling Cricket Club (established in 1827!). He was until 2012 a Visiting Senior Lecturer in International Commercial Arbitration at London Metropolitan University. When work and domesticity permit he plays some cricket and more golf (but – which is immediately obvious – not nearly enough).